Insurance & Investments

Jumbo Loan Mortgages

IRA, CESA, and Certificate Accounts

Sorting Out Your IRA Options

Saving for retirement is always a good investment, and Velocity Community Credit Union is a great place to start! We offer IRAs, both traditional and ROTH, as basic saving accounts or Certificates. We also offer CESAs accounts to start saving for your child's education.

Traditional IRA Accounts

This is the original IRA. Your contributions may be tax deductible and your earnings grow tax deferred. Since you defer taxes on both your contributions and your earnings, you can save quickly for your retirement.

ROTH IRA Accounts

Your contributions are non-deductible with tax-free withdrawals of earnings at retirement. This is an excellent retirement vehicle for people of all ages, but not everyone is eligible to contribute.

Ask the professionals at Velocity Community Credit Union for answers about using IRAs and IRA Certificates to build savings for retirement.

Coverdell Education Savings Accounts

CESAs allow you to save money for your child's education on a tax-favored basis. Distributions used to pay for certain qualified education expenses are federal income tax-free and penalty tax-free.

Anyone can make contributions to a child's CESA (including parents, grandparents, godparents, corporations, etc.), though they may be limited by their modified adjusted gross income (MAGI). The contribution is not tax deductible.

General Information:

No annual fee

No maintenance fee

Both Savings and Certificate accounts available

April 15th is typically the last day to make contributions for prior tax year

Insured by NCUA up to $250,000

Consult a Branch Consultant for additional information on the best IRA for your personal situation.1

1 Please note that we cannot offer any information that may be considered tax advice. For information on the impact a CESA may have on your taxes, please consult your tax professional.

Share Certificates

Our share certificates also offer flexibility. Choose from a variety of term lengths, as well as where you want your dividends to go--toward your certificate principal or another account. You even can have your certificate automatically renew to keep your money growing uninterrupted.

Pick your own term2 - anywhere from 6 months to 5 years!

Flexible CD: add or withdraw up to 25% of the CD value one time during the term of the CD with no penalty.

"Bump-Up" CD: available on 24-month terms only. If rates rise, you have the option of "bumping-up" the rate one time without fees or penalties.

Federally Insured to $250,000 by the National Credit Union Administration, an agency of the United States government.

You've worked hard to save. And you can trust us to work hard for you--to answer all your questions and help you find the best solution for your needs.

So make a safe and sound decision for improving your financial security. Call Velocity Community Credit Union today about the earning power and stability of share certificates.